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Select Whether Each of the Following Would Be Reported in the Financial

Question 157

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Select whether each of the following would be reported in the financial statements as a(n) (a) current asset, (b) current liability, (c) revenue, or (d) expense:

Premises:
Prepaid Insurance
Supplies
Accounts Payable
Prepaid Advertising
Unearned Fees
Advertising Expense
Supplies Expense
Fees Earned
Responses:
current liability
expense
current asset
revenue

Correct Answer:

Prepaid Insurance
Supplies
Accounts Payable
Prepaid Advertising
Unearned Fees
Advertising Expense
Supplies Expense
Fees Earned
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